The European Federation of Accountants (FEE) has called for tougher and more transparent auditing and corporate governance rules to help restore confidence in Europe's financial markets.

David Devlin, FEE's president, says several issues need urgent attention and should be given higher priority. "It is the right time to give a fresh and ambitious impetus to the EU company law harmonisation process," he says in a letter to Gianluigi Campogrande, head of company law and corporate governance at the European Commission.